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ETtech Deals Digest: Startup funding plummets 80% YoY to $58.3 million this week

Economic TimesEconomic Times · 1y ago
ETtech Deals Digest: Startup funding plummets 80% YoY to $58.3 million this week
Medial

Startups saw a sharp decline in funding during the fourth week of July, with only $58.3 million raised compared to $293 million in the same period last year. This marks an 80.1% decrease in funding and a 72.3% drop from the previous week. Only eight funding rounds took place, down from 28 rounds last year. Space startup Unimech Aerospace secured the largest deal, raising $30 million in a funding round led by Steadview Capital, ValueQuest Scale Fund, and Evolvence India. Other significant deals included wealthtech startup Stable Money raising $15 million and flexible workspace provider Incuspaze raising $8 million. Nasher Miles, a direct-to-consumer luggage brand, also raised $4 million.

IPO-bound Unimech Aerospace raises $30 Mn in maiden funding

EntrackrEntrackr · 1y ago
IPO-bound Unimech Aerospace raises $30 Mn in maiden funding
Medial

Unimech Aerospace has raised Rs 250 crore ($30 million) from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd as a part of its private placement round. This is the maiden funding round for the Bengaluru-based company since its inception in 2016. As per the company, it has raised the funds at a post-money valuation of Rs 3,250 crore ($390 million). The proceeds will be used to pursue both organic and inorganic growth and refine products, the company said in a press release. Led by Anil Puthan, Unimech Aerospace specializes in manufacturing of high precision tooling for aero-engines and airframes, along with complex high precision components, assemblies, and for the aerospace, defence, energy, and semiconductor industries. Its key clients include top aerospace, energy, defence and semiconductor OEMs. The firm has also established itself as an export-oriented company with a presence in the USA, Europe, and the United Kingdom. For the fiscal year ended in March 2023(FY23), Unimech’s revenue jumped to Rs 28 crore from Rs 16 crore while it maintained its profitability with Rs 2.81 crore in FY23 from Rs 1.69 crore in FY22. Unimech claims to have grown to over Rs 200 crore ($24 million) in revenue by FY24. The company also said that it is in the process of filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India. Since January 2021, 26 tech startups have gone public and Unimech will become the first venture funded aerospace manufacturing company to go public in India. In the last couple of months, several established startups and companies have raised their maiden external or venture capital funding. The list includes workspace solution provider Incuspaze, ethnic wear brand Libas, consumer electronics startup Indkal, and performance wear brand TechnoSport.

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